The service robot market was valued at US$11.304 billion in 2017 and is
projected to expand at a CAGR of 22.77% over the forecast period to
reach US$38.708 billion by 2023. There has been a growing demand for
service robot in healthcare and education industry which drives its
market growth. The declining price of personal robot owing to rapidly
growing competition in market drives the adoption of service robot for
domestic tasks which further augments the market growth. In addition to
this, the rapidly aging population as well as increasing number of
rehabilitation centers drive the demand for service robot as it can
provide a helping hand to elderly people. Other drivers include rising
spending power, and high speed innovations.

Geographically, Europe accounted for large market share in 2017 and is
also expected to hold a notable position by the end of forecasted
period. High speed innovations as well as expanding application of
service robot drive the regional market growth. In Europe, robots are
increasingly being adopted for education, entertainment and medical
applications. Likewise, North America also accounted for considerate
share in 2017. Adoption of technology at its early stage in United
States and presence of many key players augment the market share.